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Making a clear distinction between tax fraud and activities related to the so called tax optimisation, appears to be most relevant in the fight against fiscal offences. VAT leaking is not only a problem for Polish state authorities, but also for all countries with value added tax in their fiscal system. The paper attempts to define tax fraud and present its consequences for the state budget, it also offers description of system procedures of VAT fraud prevention.
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It has been 17 years since Beskidy Euroregion was established. This is enough time to make a first assessment concerning the level of development of communes situated in this Euroregion. Most of them are rural communes, therefore they were chosen as an object of analysis. It is a well-known fact that every organization needs financial supply to create conditions for development, that is why the most important purpose of the paper is analyzing selected Silesian rural communes form Euroregion Beskidy with respect to different sources of revenue and comparing the obtained values with the national average.
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This article aims to compare the situation in the banking sectors of two regions that have much incommon due to their political and economic history: the Western Balkan states of Serbia, Croatia,and Macedonia and the Baltic Sea states of Lithuania, Estonia, and Latvia. It presents threeapproaches to defining banking stability that can be found in literature and carries out a preliminaryanalysis of the financial performance of the discussed banking sectors using the CAMELapproach. Although in 2010 the banking sectors of the Baltic Sea states were in a worse shape thanthe banking sectors of the Western Balkan states, it has been proved that the banking sectors incountries in which the process of economic transformation has been completed could recoverfrom a crisis faster than states that are still undergoing this process. Economic transformation is essentialfor the further development of the market economy and the sooner it is completed, thesooner the banking sector can develop and the easier it will be to recover from a crisis or an externalshock
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SFRY republics achieved a different level of economic development, despite unique economic system and the economic policy governed at the state (federal) level. After the dissolution of Yugoslavia, independent countries have achieved different results in economic growth and overall prosperity.Following the declaration of independence , new states have begun the process of economic and institutional reforms, towards the development of modern, market economies, with institutional solutions adapted to the strategic choices. Unique strategic concept was membership in the European Union, while in some elements different concepts of economic policy were applied. Monetary policy is example (Slovenia, Croatia and Macedonia opted for new domestic currency, Serbia continued using the dinar, the official currency of the former Yugoslavia, Montenegro was a dollarized (eurized) economy partly since 1999. and in its entirety since 2000, while Bosnia and Herzegovina introduced its own currency, but according to the currency board model), dynamics and models of privatization were also not identical, as was the degree of economic liberalization. Also, different instrument of fiscal and foreign trade policy were often applied. Slovenia and Croatia are members of the European Union, while Montenegro, Serbia, Bosnia and Herzegovina and Macedonia are in the process of accession, with still uncertain dynamics of completing this process. The level of economic development, measured with GDP per capita (2015) ranges from $ 4,249 in Bosnia and Herzegovina, to $ 20,728 in Slovenia.The aim of the research is the analysis of factors that resulted in different levels of economic transformation of the former Yugoslav republics, and the analysis of potential challenges of future economic growth .
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The principal objective of this review is to determine whether the conducted studies provide a diagnosis of Poles’ financial literacy and of financial education efforts undertaken in Poland. To make this evaluation, we first analysed the issues, which the studies are focused on and presented their key results synthetically. We further analysed which groups participate in these studies and what institutions commission such research. The summary, in addition to conclusions resulting from the considerations presented, offered initial recommendations which, if implemented, could contribute to better verification of Poles’ financial literacy and knowledge in empirical studies. The authors first reviewed the literature, which resulted in defining conceptual boundaries of terms critical to the topic of this paper. The core research material consisted of selected reports from studies of financial literacy and education of Poles and an analysis of those studies.
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Pension systems, both in Israel and worldwide, have been through major reforms during the last 30 years, expanding the defined contribution (DC) pension arrangements that invest their assets in the capital market. There is an increasing consensus that the risk of a pension plan’s investment portfolio should be decreased towards the retirement age, but the strategies to implement this are still under debate. Research regarding efficient strategies has been carried out around the world, but in Israel, it is being done for the first time. Therefore, the purpose of this paper is to present the results and conclusions of research that is focused on finding the most efficient strategies for implementation in Israel's pension system, according to mean vs. risk of returns and net replacement rates. Risk measurement was carried out using CVaR, which is superior for the measurement of extreme risk, while most of the former research has used VaR for this purpose. In order to answer the research questions, Monte Carlo simulations were run 10,000 times, and efficiency frontiers for 15 investment strategies and for each of six representative agents. Based on the data of different growth rates for the salaries of males and females, and the higher salaries of males, the research also examines the influence of these factors on the gender gap, by examining whether the pension system is reducing or expanding the gender gap.The first conclusion derived from the study is that a life cycle of dynamic strategies with a high portion of equities, switching gradually to a full bonds portfolio at retirement, produced the highest returns and replacement rates for a given risk. Withdrawals of parts of severance pays significantly reduced the replacement rates. The second conclusion is that the gap between genders during the working period expands during the retirement period. Reducing the gap requires dealing with the salary gap created during the working period and raising the retirement age of females. Another redistributive act can be a raise of the flat rate old age pension (the first pillar) and financing it by reducing contribution rates of the second pillar that were found to be too high.
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The aim of this article is to examine the flow of portfolio investment in the 21st century in the further use of the Lucas paradox observed in the world economy in the twentieth century. Portfolio investments are perceived in the literature and empirical research as less significant, while both their size and importance to the development of capital markets are usually only indicated. Data for the study were obtained from the balance of payments of individual countries and groups of countries, as well as data on the size and level of development of capital markets in these groups. The course of this research confirmed the importance of the flow of capital in the form of portfolio investments in the global economy. This has shown the further occurrence of the Lucas paradox, also in portfolio investment. It shows the weakness of the capital markets of LDCs in conjunction with the insufficient inflow of portfolio investments. The originality of the article lies in the combination of portfolio investments and determinants of the attractiveness of individual capital markets for investors in international financial markets. The small inflow of portfolio investments is both the cause and the consequence of the insufficient level of development of capital markets in the least developed countries (LDC). Hence the need to make a diagnosis and to build paths of development of such markets based on the experience of more developed countries, in order to adapt them to attract and retain capital in the form of portfolio investments.
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Cities are facing constant and more increasingly changes and challenges. In the light of these changes and challenges, this paper tries to configure the idea of how communities, especially those in urban areas face their problems and initiatives to use existing opportunities to access sustainable and balanced development. An integrated approach to urban development and the concept of cities as centers of power in disseminating positive effects in neighboring territories, led the European Union to structure a policy framework, an institutional and legal framework in order to support this type of events. Doing a little review of the EU and national action and support framework for urban development, this paper aims to highlight the effect of this support on urban development in terms of economic dimension. Approach starts from the assumption that urban areas are able to efficiently use the leverage created by the European Union and accessible nationally through established internal policies, in support of urban development. Proposed research hypothesis applies in a case study upon the urban development poles from Romania’s North-West Region, by linking information from the analysis of the local economic environment with the level of structural funds absorption rate for these poles in the 2007-2013 financial programming.
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Training and development of urban systems (US) is a main direction of territorial and regional development which requires multiple studies, including those of economic background. They should aim to highlight, on the one hand, the economic potential of geographical areas making up the urban system and secondly to assess development trends you need to focus their own resources and those that are to be attracted to getting a economic trend upward in that area. It is therefore very important a zonal configuration of the urban system by following the joint capitalization of existing human and material resources, including by building synergy effect to be achieved following the joint evolution of settlements in the US. Along with the development of US is required, from the economical point of view, to implement new forms of economic structures to directly potentate the development of the area through constant cooperation, innovation and transfer of know-how. Romania currently has seven major urban centers that were selected and were assigned the role of growth poles. There were also 13 designated urban growth poles, including Galati and Braila. Urban agglomeration formed by the two municipalities, located at a distance from each other of about 25 km, is the second largest in the country after Bucharest. There is currently underway specialized documentation to achieve an optimal configuration for US Galati-Braila. From the economic point of view in the respective area can be implemented new development structures of cluster (Porter, M.E.,2000) type aimed at achieving the competitiveness poles and which will constitute the true engine of economic development. These two new structures of economic development are characterized by the fact that they allow and provide the necessary conditions to attract the systems and modern technologies to build local innovation systems that can be integrated into similar systems at regional and even national level. It is there a cluster effect that properly harnessed in an US could allow achieving a significant economic growth in the area.
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Economic and social development of each locality and finally, of human communities that live here, depends increasingly on the ways of their internal organizing but also on becoming closer with social partners in the area(s) concerned. It is increasingly important that each locality (territorial administrative unit, TAU) solve multiple problems of ensuring development conditions through various strategies and policies of cooperation and association. These may represent a real support and vector for sustainable development of several TAU, capitalizing new forms of territorial development. Our paper aims to present some strategies that can capitalize the benefits of a territorial structure as the Metropolitan Area. We mention those of urban-rural partnership, the associative kind and those of cooperation between localities belonging to the same territorial structures/ regions. These strategies have been customized by a study on setting up a possible Galati Metropolitan Area. Based on the analysis performed at the territorial scale proposals were made concerning its territorial delimitation, in two variants, the ring 1 and ring 2. A map of the county Galati was made, marking variants proposed to configure the Metropolitan Area.
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Considering the current trend in sustainable regional development, transfer nodes and logistic platforms represent an essential component of the transport systems, while playing an important part in the distribution of merchandise at a global level and having a binding role in the current urban and regional system. At the same time, these are relevant segments for a functional regional economy. Moreover, optimizing the transport systems for freight distribution, will allow further regional and territorial development. Any changes implemented in the existing transport systems will most likely affect the companies that take advantage of that infrastructure, generating either growth or shrinkage in the local GDP.
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Investment is seen as an expense that is made by persons in order to obtain goods and services. Achievement of an investment project in the production of goods and services has the effect of increasing and diversifying supply and thus increasing revenue for operators and of employment also. The investment is the operation of change and increase the initial property (building and civil engineering, assembly and installation of industrial equipment).Investment in construction represents all costs that creates new fixed assets, productive or unproductive, which reconstruct, develop or modernize existing fixed funds.
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The worldwide economic crisis, starting in the latter half of 2008, has led to concerted efforts by governments worldwide to revive the economic cycle and develop ideas of how best to emerge from the crisis situation. In the wake of the international financial crisis and the ensuing global recession, the construction industry must prepare itself now to address the new economic reality and the sustainability imperative. The economic recession has affected all the regions of the world to a greater or lesser extent and, as few sectors have been worse hit than construction by this global recession, the state of the economies of the different regions of the world will determine prospects for the construction industry.
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Diagnostic analysis is a tool used especially in strategic management. Diagnostic analysis of the construction sector is focused on: value of construction works by manner of performing and by type of ownership; new construction works; capital repair works; current maintenance and repair works; construction under contract by category of objects and construction under own management; situation of construction firms; human resources analysis.
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The scientific research activity represents a major factor in socio-economic development and an engine of the economic and social progress; science and technology are key components of modern life and they help countries achieve their economic and social goals, achieve sustainable development. In scientific research we distinguish between basic research, applied research and research for development and innovation. Thus, if knowledge refers to rules and principles, we can consider it a result of basic research, expressed in publications. If knowledge refers to procedures or the application of this knowledge to specific contexts, as a result of the basic research, then we can discuss about the applied scientific research, whose result appears in publications.
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Motivation: The specifics and operation conditions of enterprises including the construc-tion sector companies cause sensitivity to economic fluctuations manifested in the cyclical disorders of economic activity level (business cycles). Background research work is to de-termine the effect of internal and external environment on a range of determinants of the economic situation fluctuations potentially occurring in the sphere of the construction sec-tor. Aim: The aim of this article is to present the main factors affecting economic condition fluctuations in the construction sector and their impact on company operation. Results: The result of the study and documents analysis will include identification of factors affecting to the highest degree the economic fluctuations in the construction sector and their impact on the functioning of the enterprise. These factors will be specified from among the macro-economic environment but mainly from the internal environment of the company. Developed proposals will be useful in building the short- and long-term opera-tion strategy for both the construction companies and the entire sphere of the construction sector.
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Economic growth is one of the determinants shaping the labour market. Generally, there is no doubt that there is a positive relationship between these two categories, however the issue of quantitative relationships observed between them is more complicated.The paper attempts to analyse the relationship between GDP growth rates and the number of working people in Poland between 1995 and 2014, as well as to determine the nature of economic growth over the studied period. The paper also seeks to answer several research questions, i.e. What was the dynamics of GDP changes and the number of working people between 1995 and 2014?What was the employment absorption rate in different periods of Polish economy development and in selected economy sectors? What is the limit of jobless economic growth in Poland? Results of conducted research show that the labour market relatively slowly reacted to economic growth, and employment was increasing only when economic growth rate reached the level of about 4.5%.
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The dynamics of the minimum wage and subsistence level in Ukraine. The analysis of the level of the minimum wage, social guarantees; the procedure of its formation in Ukraine; conclusions on a low level of social standards: a living wage and the minimum wage. The dynamics of growth rates relative to average wage. Also the analysis of wage levels in some regions of the country during 2013-2015.
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Artykuł dotyczy tworzenia klastrów w obszarach wiejskich Ukrainy w perspektywie historycznej. Na przykładzie klastra terytorium wsi Gulyaypole jekatierynosławskiej guberni Ukrainy (obecnie obwód zaporoski) pokazano, że klaster obszarów wiejskich w warunkach rynkowych może rozwijać się bez interwencji państwa lub jeśli ta ingerencja są zminimalizowana. Przeanalizowano kierowanie rozwojem klastrów na obszarach wiejskich Ukrainy w okresie jej przynależności do ZSRR i udowodniono jego negatywny wpływ na wiejską społeczność. Istnieją określone przyczyny trudności rozwoju wiejskich klastrów i ujawnienia ich potencjału w okresie postsowieckim. (abstrakt oryginalny) The article deals with clustering in rural areas of the Ukraine from a historical perspective. For example, a cluster in the village of the Ukraine's Gulyaypole Ekaterinoslav province (now the Zaporizhia region) have shown that a cluster of rural areas in market conditions may develop without the intervention of the state or, if this interference is minimized. Analysed is the governance of cluster development in rural areas of the Ukraine during its period in the USSR and its proven negative impact on rural society. The reasons for the complexity of the development of rural clusters and disclosure of their potential in the post-Soviet period are shown. (original abstract)
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Special economic zone (SEZ) is an instrument for regional development. One of the purposesfor SEZs creation in Poland, it was the creation of new jobs. In the majority of Polish zones thispriority has been expressed in plans of development as the need for labor market activation andincrease in the level of education and qualifications of employees. The authors state that the essenceof the functioning of economic zones in Poland include not only new jobs creation but also the developmentof human capital. In particular, the aim of this article is evaluation whether and to whatextent the Lublin Subzone of Euro-Park Mielec Special Economic Zone, which became the subjectof research conducted by the authors, contributes to the development of human capital of Lublincity. The paper presents the results of studies conducted in enterprises from Lublin Subzone. In thefirst part of the article, the theoretical aspects of the importance of Polish economic zones for theshaping of human capital are discussed. In the second part the attention has been focused on thepresentation of the results of surveys conducted in enterprises from Lublin Subzone. The researchshows that the human capital of the city is an important factor in attracting investors to the Subzone,while investment implemented in the Subzone contribute to the creation of new jobs, especially foryoung people and with at least secondary education. The main channel of the development of humancapital is internal training in the surveyed companies as well as natural opportunity to gain experienceand skills in the course of work performed by the employees, or in the course of students practice.However, the adaptation of curricula in higher education to the needs of employers Subzone shouldhave been improved.
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